Potential of Russian-Finnish innovation cooperation not fully tapped

HELSINKI, November 28. /ITAR-TASS/. The potential of Russian-Finnish innovation cooperation is not yet fully tapped, Igor Koval, director of the Investment Policy Department in the Russian Ministry of Economic Development, told the Rubicon Finnish-Russian Investment Forum here on Thursday.

“We believe the potential of Russian-Finnish innovation which is huge is not fully tapped so far. We observe a positive tendency: the volume of Finnish companies’ investment in Russia is now rising and Russian companies are quite active in entering the Finnish market in traditional branches of the economy and in innovation ones,” Koval said.

He said Russian business now has large significant and interesting investment projects in Finland. However, in order to attract still more Finnish investors to Russia, the business climate should be improved.

“There is progress in business climate, but there is room for further improvement,” he said. “We are aware that we should keep abreast of the international practice and exchange experience with our partners,” Koval said.

He said the memorandum of cooperation was signed on Wednesday by the Russian Ministry of Economic Development and the Finnish Ministry of Employment and the Economy.

“The document will promote more vigorous exchange of information on changes in the investment climate and measures being taken to perfect conditions of business, exchange of information on potential investment projects and those that are being implemented and require support of the Finnish and Russian sides,” Koval told Itar-Tass.

“We have also agreed to cooperate more actively in steps to inform business people of the latest changes in legislation and measures of support by both sides,” he said.